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Your Social Security retirement benefits are calculated based on an average of your 35 highest-paid working years, so the answer to this question would be unique to the individual. At 63, you would receive approximately 80% of the amount you'd get at full retirement age (for people born before 1943, age 65; for people born between 1943 and 1954, age 66).

You can use one of the Social Security Administration's benefit calculators to estimate your benefits or request a statement showing your current benefit projects. Both processes can be initiated online.

There is no limit on earned income once you reach full retirement age. You will continue receiving your full benefit regardless of your work situation. If you were born befo…re 1943, full retirement age is 65; between 1943 and 1954, retirement age is 66; between 1955 and 1960, retirement age gradually increases to 67.

There is no limit on the amount of money you can earn while receiving Social Security retirement benefits after you reach full retirement age. At 70, you are well clear of tha…t mark. Full retirement ages Born before 1943.............65 years Born between 1943-1954..66 years The full retirement age will gradually increase each year until it reaches 67 years for people born in 1960 or later. Early retirement and earnings If retired below full retirement age: $14,160 per year, and for every $2 over that limit, $1 is withheld from benefits. In the year you reach full retirement age (prior to your birthday): $37,680 per year, and for every $3 over the limit, $1 is withheld from benefits until the month you reach full retirement age.

At 74, you are well beyond what the Social Security Administration considers full retirement age (FRA), so there is no cap on the amount of money you can earn without a reduct…ion in monthly income. You will continue receiving your full benefit check regardless of your work situation.

The earnings limit for 2010 for people below full retirement age (65 for people born before 1943; 66 for those born between 1943 and 1954) is $14,160. If you retire at age 6…4, you can earn any amount before retirement without incurring a penalty; however, once you retire, you can only earn $1,180 per month. If you earn more than the income limit, SSA will deduct $1.00 for every extra $2.00 earned. Your benefit check will be withheld beginning in January of the following year until the overage is completely offset. This can result in no Social Security income for a number of months, depending on how far you went over the limit.

The taxes on Social Security benefits are tied to your total taxable income, not your age. Anytime you receive benefits, you may be required to pay taxes on 0%, 50% or 85% of …the benefit amount based on your filing status. If you are single, you can draw social security without paying taxes if your income is $25,000 or less. For a couple that is married and filing jointly, the untaxed amount is $34,000 per year. If you are working and earning wages, you will continue to contribute to FICA regardless of your age or income.

No, there are no restrictions on the number of hours worked, but there are income limits for people drawing Social Security retirement benefits before full retirement age (65 …if born before 1943; 66 if born between 1943 and 1954). Under 2010 SSA guidelines, people who have not yet reached full retirement age can earn only $14,160 per year without incurring a penalty. For every $2.00 over the limit, $1.00 is withheld from benefits. There is an exception for the first year of early retirement, though. In the first year, there is no limit on the amount of income you can earn prior to the month you retire. You will not be penalized for pre-retirement income. For the remainder of the year, you will receive a full benefit check for each month in which you earn $1,180 or less (one-twelfth of $14,160). If you earn more than the maximum allowed, the Social Security Administration will withhold your monthly benefit check beginning in January of the following year until the overage is completely offset.

If you were born between 1943 and 1954 and are at least 66 years old in 2010, you will reach full retirement age on your birth month under Social Security guidelines. In the y…ear you reach full retirement age, you can earn $37,680 annually, but for every $3.00 over the limit, $1.00 is withheld from your benefits until the month your reach full retirement age. The income cap is lifted completely and permanently the month you reach full retirement age.

For 2016, the limit is $15,720. (The amount goes up each year.) These things don't count towards the limit: Pensions Annuities Investment Income In…terest Government or Military retirement benefits If you are collecting Social Security retirement benefits before full retirement age (for the full year), than anything over this amount will result in your Social Security payments being reduced by $1 for every $2 earned. Example: You earned $16,720. That's $1,000 over the allowed limit. $1,000/2=$500. Your benefit will be reduced by $500 for the year. Starting the month you reach full retirement age, you will receive full benefits with no limit on your earnings.